The Financial Services Regulatory Commission (FSRC) has appointed an Official Administrator to oversee operations at the Global Bank of Commerce Limited under Section 104 of the International Banking Act, 2016 (No. 6 of 16 as amended).
According to a notice issued on November 12, the appointment became effective on November 10, 2025. The appointed Official Administrator, whose signature appears on the letter, stated that they have assumed “all of the duties and powers previously vested and discharged by the directors of the Bank.”
The administrator has been tasked with exercising, performing, and discharging all statutory powers, duties, and liabilities of the institution in accordance with the law for a limited period.
The purpose of the appointment, the letter explained, is to review the position of the bank and present a comprehensive report on its financial condition to the FSRC. Despite the appointment, the bank “will continue to operate as normal,” it said.
Customers, creditors, and other stakeholders will be contacted to discuss the status of obligations to and from the bank, and to confirm that all arrangements remain in place.
The letter was issued under the Global Bank of Commerce letterhead and signed by the Official Administrator, designated “without personal liability.”
